万科的财务战略研究

发布时间：2018-03-20 14:18

本文选题：房地产　切入点：万科　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：在信息技术日新月异、全球贸易繁荣发展的今天,企业进行经营活动的市场外部环境愈发多变,企业需要应对越来越多的经营风险,如何能够在这种复杂多变的外部环境中,保持自身长久稳定的持续发展态势,就要求企业仔细审视外部市场环境,结合自身的发展战略,形成符合企业实际需要的发展方向。与此同时,财务战略作为保证企业发展的基础,其作用就显得越加重要,需要做到和企业发展相匹配。最近几年,随着房地产行业在国家经济体系地位的不断增强,我国政府也开始逐渐加强对房地产市场的管控,政策力度加大,调控手段更加直接,房地产行业告别了野蛮发展的时代,外部环境日益严峻,市场竞争越加激烈。外部经营环境的恶劣和监管的加强,使得房地产企业经营发展的风险不断积聚,企业对自身财务战略的优化和改进,对房企保持稳定长久的持续发展具有重要意义。文章以我国房地产行业的龙头企业万科为例进行案例分析。首先对我国房地产行业的现状和万科企业自身的发展情况进行描述。然后结合行业背景和企业状况,研究万科的财务战略制定,主要从融资、投资、运营管理和股利分配四个维度进行研究和评价,指出其中的成功之处和伴随的相关风险。其次,对相关财务战略实施的效果进行研究,利用相关财务指标分析企业的财务状况,借用EVA模型评价企业的价值创造能力,同时对企业的可持续发展能力进行分析。最后运用财务战略矩阵分析方法,指出万科目前资金短缺的情况,并对万科的财务战略进行改进,提出一些切实可行的建议。文章以万科为例,一方面尝试为万科的后续发展和财务战略改良献计献策;另一方面也给我国房企提供一些经验和启示,以此来优化自身的财务战略。
[Abstract]:With the rapid change of information technology and the prosperity and development of global trade, the external market environment for enterprises to conduct business activities is becoming more and more changeable. Enterprises need to deal with more and more business risks. How can they cope with this complex and changeable external environment? To maintain its long-term and stable situation of sustainable development requires enterprises to carefully examine the external market environment, combine their own development strategies, and form a development direction that meets the actual needs of the enterprises. At the same time, As the basis of ensuring the development of enterprises, financial strategy plays an increasingly important role and needs to be matched with the development of enterprises. In recent years, with the increasing status of the real estate industry in the national economic system, Our government has also gradually strengthened the control of the real estate market. The policy has been strengthened and the means of regulation and control have become more direct. The real estate industry has bid farewell to the era of barbaric development, and the external environment is becoming increasingly severe. The more fierce the market competition is, the worse the external business environment is and the stronger the supervision, which makes the risk of the management and development of the real estate enterprise accumulate continuously, and the enterprise optimizes and improves its own financial strategy. This paper takes Vanke, a leading enterprise in the real estate industry in our country, as an example. Firstly, it analyzes the present situation of real estate industry and the development of Vanke enterprise in our country. Describe the situation. Then combine the background of the industry and the state of the enterprise, The financial strategy of Vanke is studied and evaluated from four dimensions: financing, investment, operation management and dividend distribution. The success and associated risks are pointed out. This paper studies the effect of the implementation of related financial strategy, analyzes the financial situation of the enterprise by using the relevant financial indicators, and evaluates the value creation ability of the enterprise by using the EVA model. At the same time, the sustainable development ability of the enterprise is analyzed. Finally, by using the method of financial strategy matrix analysis, the paper points out the current situation of Vanke's shortage of funds, and improves the financial strategy of Vanke. Taking Vanke as an example, this paper tries to provide some suggestions for the follow-up development and financial strategy improvement of Vanke on the one hand, and also provides some experience and inspiration to Chinese housing enterprises on the other hand. To optimize their own financial strategy.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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